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Bitcoin steadied near $64,000 over the weekend, clawing back part of Friday’s drop as traders weighed the start of US-Iran ceasefire talks against a renewed threat to close the Strait of Hormuz.
The token traded around $64,200 on Sunday, up 0.9% over 24 hours but roughly flat on the week, according to CoinDesk data, after falling below $63,000 on Friday. Most major cryptocurrencies firmed alongside bitcoin.
Bitcoin has gone nowhere on net this week, rallying early on the signed Iran deal, selling off Friday in a broad risk-off move, and stabilizing over the weekend.
Weekend attention is focused on Switzerland, where US and Iranian officials, including Vice President JD Vance, are due to open talks on a permanent ceasefire, according to Bloomberg.
The negotiations follow a memorandum of understanding signed by President Donald Trump last week, which established a 60-day window that can be extended.
Despite the ceasefire framework, the situation remains less settled than the timeline suggests. Iran has issued a renewed order to close the Strait of Hormuz, a shipping chokepoint. Reopening under the deal previously pulled oil prices down about 9% last week and lifted risk assets.
Tehran is sending negotiators to Switzerland even as it threatens to shut the strait again, leaving markets with the same uncertainty the signed deal was meant to remove.
With crypto largely range-bound and waiting on events it cannot control, a genuine closure of Hormuz would likely push oil higher and drag risk assets, including bitcoin. A durable ceasefire, by contrast, would help clear the overhang.
Bitcoin (BTC) investors who use steady dollar-cost averaging (DCA) may be underperforming versus strategies that adjust exposure to the market’s cycle, according to new research arguing that Bitcoin’s behavior differs from traditional long-duration assets.
In a report cited by Markus Thielen of 10x Research, Bitcoin’s market…
